Yahoo Finance Wheelchair Lift Market Is Expected To Reach at USD 10.0 Billion By 2022, at a CAGR Of 7.0% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, North America had the biggest share of the market, and it is expected that this region will grow at a CAGR of almost 10% during the forecast period.
Farmington, Jan. 28, 2023 (GLOBE NEWSWIRE) -- The Global Wheelchair Lift Market Is Expected To Reach at Around $2.6 Billion By 2022 And Is Anticipated To Grow at a CAGR Of Approximately 10% During The Forecast Period. The growth of the global market for wheelchair lifts will be driven by how governments change their policies and how these changes affect important retail industries like healthcare, travel, and consumer goods. Mobility scooters, crutches, and wheelchairs will help people with different levels of mobility travel or cover short distances. This will change the global market.
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Recent Developments:
In August 2021, WheelAir launches new rigid back integration service to support wheelchair users. The WheelAir System, which helps wheelchair users to regulate their own temperature and humidity, can be integrated or retrofitted into a rigid back in two weeks, the firm has confirmed.
In November 2019, IIT Madras in collaboration with Phoenix Medical Systems launches India’s first indigenously-designed ‘Standing Wheelchair’ that enables a differently-abled person requiring a wheelchair to shift from sitting to standing position, and vice versa, independently and in a controlled manner.
Leading wheelchair manufacturer Ottobock, with headquarters in Germany, had double-digit growth in the wheelchair market in 2019. However, the pandemic crisis significantly decreased its sales. Many other businesses encountered same difficulties. By the end of 2020, the business had begun to operate and was providing its clients with e-services like home delivery, video chats for e-appointments, and tips on social media.
Segment Analysis:
By Automotive Lift
The vehicle wheelchair lift market will grow as more people buy lifts that are easy to use and fit their needs.
The global wheelchair lift market is split into occupied (single-post split platform, regular dual-post platform, and under vehicle lifts, or UVLs) and unoccupied (single-post split platform, regular dual-post platform, and UVLs) (outside lifts, inside lifts, and hybrid lifts). In 2017, occupied elevators made up more than half of the market. During the period of the forecast, they are expected to grow at a CAGR of about 11%. People with wheelchairs prefer occupied lifts because they make it easier for them to get into the car. Braun Ability and VMI are the two most important companies in this market. Single-post split platform lifts are less stable than UVLs and two-post platform lifts. In the next few years, the market will change as better chairlifts come out that make it easier to move around and can hold more weight with two arms.
By Building Lift
The vehicle wheelchair lift market will grow as more people buy lifts that are easy to use and fit their needs.
Residential (vertical platform lifts (VPLs) and inclined platform lifts (IPLs)), commercial (vertical platform lifts (VPLs) and inclined platform lifts (IPLs), and non-residential (inclined platform lifts (IPLs)) (VPLs and IPLs). In 2017, the residential sector made up most of the market, and it is expected to grow at a compound annual growth rate (CAGR) of over 8% during the forecast period. Platform lifts are put in homes by the residential sector so that disabled or rehabilitating people can get around architectural problems in the area. The global market will change when hydraulic or electric stair lifts become popular. In the residential lifts market, there are enclosed, shaft way, stage, and opal lifts. In the wheelchair lift industry, most of the demand for residential wheelchair lifts comes from Europe and North America.
By Power Type
In the time frame that is expected, the most popular type of lift will be one that is powered by hydraulics.
The global wheelchair lift market is divided into two segments: those that use electrical power and those that use hydraulic power. In 2017, hydraulic power was a big part of the market, and over the next five years, it is expected to grow at a CAGR of over 9%. This market segment is growing because it is mostly made of strong steel and can lift a lot of weight. Hydraulic lifts need the floor to be lowered or the ceiling to be raised so that passengers have enough headroom to ride safely, securely, and comfortably in the chair. Most of the people who buy hydraulic lifts on the world market are businesses. Electric lifts will replace hydraulic lifts during the time frame of the projection because hydraulic lifts are hard to fix and cost a lot to keep up.
Regional Outlook:
In 2017, North America had the biggest share of the market, and it is expected that this region will grow at a CAGR of almost 10% during the forecast period. People in North America are becoming more interested in cars and new technology, which are both popular in the American market. This is making more people want platform lifts. The fast growth of the economy is bringing in investors, making job prospects better, and giving people more money to spend, all of which makes it easier for people to buy things. We've already talked about some of the reasons why the American market needs chair lifts. Most of the money for the North American market comes from the United States and Canada. In the region, the main competitors are those who either have a wide range of mobile devices or a large network for selling and fixing them. Now, these businesses have the biggest share of the local market.
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Scope of Report:
Report Attributes | Details |
Growth Rate | CAGR of 10.0% from 2023 to 2030. |
Revenue Forecast by 2022 | USD 2.6 Billion |
By Automotive Lift | Occupied Lifts, Outside Lifts, Others |
By Building Lift | Residential, Commercial, Others |
By Power Type | Hydraulic, Electrical, Others |
By Companies | Savaria, Garaventa Lift, BraunAbility, Wabtec Corporation, Harmar, Genie, JLG, Vestil, WESCO, Stiltz Lifts, Schumacher Elevator, ThyssenKrupp Access, Terry Lifts |
Regions and Countries Covered |
|
Base Year | 2022 |
Historical Year | 2017 to 2022 |
Forecast Year | 2023 to 2030 |
Market Dynamics:
The work of more public and private organisations will help the market for wheelchair lifts grow around the world. The main goals of these groups are to plan for the economic and social changes that come with an ageing population and to make sure that development efforts are moving forward. The Madrid International Plan of Action on Aging was passed at the Second World Assembly on Aging, which was held in Madrid in 2002 (MIPAA). This plan said that organisations must make it possible for older people to take part in and benefit from development policies that will help improve their health and well-being. Such programmes are pushing governments to make sure that public services and new policies, like healthcare, housing, infrastructure, and social security, meet the needs of the elderly. The wheelchair lift business will change when these policies are put into place in both developed and developing countries around the world.
Key Segments Covered:
Top Market Players:
Savaria, Garaventa Lift, BraunAbility, Wabtec Corporation, Harmar, Genie, JLG, Vestil, WESCO, Stiltz Lifts, Schumacher Elevator, ThyssenKrupp Access, Terry Lifts, and others.
By Automotive Lift
Occupied Lifts
Outside Lifts
By Building Lift
Residential
Commercial
By Power Type
Hydraulic
Electrical
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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